CHALICE MINING LIMITED — AGM Information 2019

Nov 26, 2019

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Annual General Meeting Presentation
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27 November 2019

ASX : CHN | TSX: CXN | OTCQB: CGMLF

Forward looking statements and disclosures

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This presentation does not include all available Information on Chalice Gold Mines Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Gold Mines Limited Annual Reports, filings on sedar.com, and to ASX/TSX/OTCQB releases and take independent professional advice before considering investing in the Company. For further information about Chalice Gold Mines Limited, visit the website at chalicegold.com

Forward-Looking Statements

This document may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this document and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the likelihood of exploration success including results of future geophysical surveys, drilling at the Company’s projects and other exploration activities; the timing and costs of future exploration activities on the Company’s exploration projects; the potential to define future mineral resources and, if successful at any of the Company’s exploration projects, the potential viability of any mineral resource so defined; planned expenditures and budgets and the execution thereof; the timing and availability of drill results; potential sites for drilling, that general business and economic conditions will not change in a materially adverse manner; the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “expects” or “does not expect”, “is expected”, “will”, “may”, “would”, “potential”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “prospects” “anticipates” or “does not anticipate”, “believes”, “occur”, “be achieved”, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may include, among others, risks related to actual results of current or planned exploration activities; changes in exploration programmes based upon results of exploration; future prices of commodities; geophysical anomalies may or may not be associated with economic mineralisation; grade or recovery rates; accidents; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, movements in the share price of O3 Mining and Spectrum Metals securities and future proceeds and timing of potential sale of O3 Mining and Spectrum Metals securities, as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Competent Person and Qualifying Persons Statement

The Information in this presentation that relates to the exploration results for the Pyramid Hill Project is extracted from ASX announcements entitled “Chalice identifies two 12km+ gold-in-soil anomalies at Pyramid Hill Project, Bendigo”, “Chalice set to drill large-scale gold targets at Pyramid Hill Gold Project, Victoria”, “Reconnaissance drilling at Pyramid Hill Gold Project continues to outline high-priority target areas”, “Shallow drilling hits gold in basement and outlines three high priority targets for follow-up at the Pyramid Hill Gold Project, Victoria”, “Drilling to recommence at the Pyramid Hill Gold Project in late September” and “Extensive gold and arsenic footprint points towards potential gold system at Ironbark Target, Pyramid Hill Gold Project” released on 12 July 2018, 27 September 2018, 19 March 2019, 8 July 2019, 2 September 2019 and 14 November 2019 respectively.

The Information in this presentation that relates to exploration results for the King Leopold Project is extracted from ASX announcement entitled “Chalice acquires highly prospective nickel sulphide project in west Kimberley region of WA” and “Strong EM Conductors Identified at King Leopold Project” released on 18 June 2019 and 20 August 2019.

The above announcements are available to view on the Company’s website at chalicegold.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. The Company confirms that the form and context in which the Competent Person and Qualified Person’s findings are presented have not been materially modified from the relevant original market announcements.

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2

1

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A unique, well-
funded exploration
business
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Drilling at Pyramid Hill Gold Project, Oct-19
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We are exploring for tier-1 scale (>US$1bn NPV) discoveries in frontier areas

• Gold undercover in northern Victoria

• Nickel sulphides in the Kimberley (WA)

We have the finances to think big

• ~A$30M in working capital and investments (~A$0.11 per share)[1]

• No capital raised since 2011

We have a track record of value creation

• ~A$107M generated from asset sales

• ~A$36M returned to shareholders to date

3

1 As of 30 Sept 2019

We have a tight capital structure and a very strong financial position

Top Shareholders

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ASX
TSX
Tim Goyder (Exec Chairman) 17%
Franklin Templeton
11%
Gold & Precious Metals Fund
Other Institutions 9% 1% 10%
Others 58% 5% 63%
Research Analyst Coverage
Redcloud Securities (Toronto) Jacob Willoughby
Patersons Securities (Perth) Xavier Braud
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Capital Structure and Financials

Equity listings Shares on Issue 274.1M Market capitalisation ASX: CHN | TSX: CXN | Shares (F/D) 291.2M ~A$43M (@ A$0.16ps) OTCQB: CGMLF Working Capital & Debt Cash Investments nil ~A$14.7M ~A$30.4M

Share Price & Volume History (CHN)

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$0.25
4cps
capital
$0.20 return
$0.15
$0.10
$0.05
$0.00
15,000,000
10,000,000
5,000,000
0
4
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19
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As of 30 Sept 2019

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2019 Operational Review

5

2019 in review >45,000m drilled on greenfield targets and three key transactions executed over the year

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	Metres drilled and exploration completed 5,300 40,200 FY19A 45,500 Canada Australia + regional soil sampling program and gravity survey in Vic + 2 x EM geophysical surveys in WA	Highlights
		▪ Multiple high quality greenfield targets tested in 4 drill programs across portfolio ▪ Upgraded the 3 large-scale targetsat Pyramid Hill (drilling currently underway) ▪ Highly promising early indications of apotential gold system at Ironbark Target ▪ Exceptional nickel sulphide targetsdefined at King Leopold (drilling mid 2020) ▪ Pipeline of opportunities worked up in generative portfolio Exploration
		▪ Quebec gold projects sold to O3 Mining (TSX-V: OIII) in a ~$12M scrip/cash + royalty deal ▪ NWN (King Leopold Project) acquired, giving Chalice aquality entry pointinto a new, untested, highly sought-after nickel district in WA ▪ Strategic holding in Spectrum Metals (ASX: SPX) acquired for exposure to a new high- grade gold discovery in WA (subsequent to year-end) Business Development
		▪ ~$10.7M (4cps)capital return in Dec 2018 ▪ ~$30Min working capital and investments at end Sept 2019 Corporate

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Chalice ranked 9[th] on the ASX for greenfield gold exploration expenditure in 2019, showing it is punching well above its weight

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Greenfield exploration expenditure 2019, ASX listed companies (A$M)

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AngloGold Ashanti 61.4
Newcrest Mining 38.7
Gold Road Resources 18.9
Northern Star Resources 15.1
Oceana Gold 12.7
Millenium Minerals 12.1
Kirkland Lake Gold 11.3
Oklo Resources 10.0
Chalice Gold Mines 9.0
Exploration spend offset by sale of
Quebec projects for $12M
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SOURCE: S&P Global Market Intelligence 2019 Corporate Exploration Strategies

7

The O3 Mining transaction further strengthens Chalice’s balance sheet and allows the company to focus on its opportunities in Australia

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Quebec projects sale

Key terms

Benefits for Chalice

• East Cadillac and Kinebik Gold Projects in Quebec sold to O3 Mining Inc. in July 2019

• O3 is new spin-off from highly regarded Quebecbased Osisko Mining Inc.

• O3 holds several resource stage gold projects in the Val-d’Or district and elsewhere in the Abitibi

• 3.1 million O3 Mining shares

• C$1.3 million in tax credits to be reimbursed in cash (balance expected Q1 2020)

• 1.0% NSR royalty on 507 claims within East Cadillac and Kinebik Gold Projects

• Maintain upside exposure through share + royalty interest

• Further strengthens the balance sheet

• Allows Chalice to focus on its high potentia l gold and nickel sulphide opportunities in Australia

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2019 in Photos

picturesPyramid Hill Gold Project Victoria

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2018 in
pictures
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King Leopold Nickel Project

Western Australia

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Corporate

2 ~~018 in~~ Australia / North pictures America / Europe

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Strategy and Outlook for 2020

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2020 outlook 36,000m+ to be drilled, targeting large-scale greenfield discoveries on key projects

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Metres drilled and forecast exploration activities

Strategy and Outlook

+ potential follow-up drilling in success case

45,500 36,800 FY19A FY20F*

36,800 + 2 x soil sampling programs in WA

+ 3 x EM geophysical surveys in WA

Exploration

Business Development

Corporate

• Continue district scale exploration programs at key projects – make large, globally significant greenfield discoveries :

• Continue refining targets with AC drilling at Pyramid Hill Gold Project and prepare for maiden diamond drill program at Ironbark

• Finalise EM geophysical programs and drill several targets on King Leopold Nickel Project in mid 2020

• Initial recon activities on generative portfolio

• Upgrade or farm-out / divest other projects

• New GM Corporate Development to continue search for new exploration stage acquisitions in Au, NiS

• De-listing from TSX in Dec 2019 to reduce associated regulatory and compliance costs

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• Forecast is an estimate which includes current budget only and does not include potential follow-up activities in a success case

We are targeting big discoveries in underexplored provinces of Australia

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Pyramid Hill Gold Project, VIC

• Highly prospective but essentially unexplored → a new opportunity with huge upside

• +++

• +++ High-grade district + operating mines nearby → strong commercial drivers for exploration

• +++ 5,190km[2 ] area → potential for dozens of discoveries

• +++ 100% owned → shareholders will get the entire uplift of a discovery

• Moderate cost exploration due to cover → AC drilling has excellent ‘ bang for your buck ’

• ++

++

• All on farmland → year-round access, Chalice maintains strong social licence

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2
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King Leopold Nickel Project, WA

• +++ Highly prospective but essentially unexplored → a new opportunity

• +++ Large-scale + high-grade targets → strong commercial drivers for exploration

• +++ 1,800km[2 ] area → potential for multiple discoveries

• ++ 85-100% owned → shareholders will own the lions’ share of a discovery

• ++ Moderate cost exploration due to remoteness, climate and terrain

• + Restricted access due to remoteness and climate (~6 month season)

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Drilling at Pyramid Hill Gold Project, Oct-2019
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Pyramid Hill Gold Project

Victoria

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Pyramid Hill is located in the hotly contested Bendigo Zone of Victoria – a historic >60Moz region that is now capturing global attention once again

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N
Chalice’s tenure covers
60% of the ~7,000km [2]
50km
prospective covered area
Northern Bendigo
Chalice tenure
Zone
Bendigo Zone
Stawell Zone
Melbourne Zone
Fosterville Zone Boundary
Bendigo 8Moz @ 12g/t Au Major Regional Faults
22Moz @ 15g/t Au
Stawell Castlemaine
Historic gold production
6Moz @ 13g/t Au
>8 Moz
5 – 8 Moz
Woods Point
Ballarat
3 – 5 Moz
14Moz @ 12g/t Au
1 – 3 Moz
Walhalla
<1 Moz
Melbourne
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>60Moz of gold production has come from outcropping (easier to find) areas in the South Bendigo Zone , at an average grade of ~15g/t Au

The host geology and major regional N-S structures extend to the north under thin, highly variable Murray Basin cover (darker shaded areas), however this area is poorly explored – this is the opportunity

Victorian Govt ‘Gold Undercover[1] ’ estimated an undiscovered gold endowment of 32Moz Au (P50 mid case) in this northern Bendigo Zone

Historic region now capturing global attention once again thanks to Kirkland Lake Gold’s Fosterville turnaround story

16

SOURCE: Department of Economic Development, Jobs, Transport and Resources, Victoria, Australia, 1 http://earthresources.efirst.com.au/product.asp?pID=973&cID=42

Chalice has a commanding ~5,190km[2] land holding in this exciting, underexplored district; we are targeting Fosterville style discoveries

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Bendigo
Zone
Stawell
Zone
Chalice targets
Catalyst
MGA 94 Zone 55 Providence Metals –
Gold Hancock
Prospecting Catalyst Melbourne
Metals – Zone
St Barbara
Muckleford
-
Four Eagles (Catalyst
Hancock Prospecting)
Karri
Exclusion
Zone
Tandarra
-
(Catalyst Navarre)
Percydale
Mt William
Beech
Navarre Ironbark
Minerals Inglewood
0.2Moz @ ~24g/t Au
Poverty Reef
0.4Moz @ ~92g/t Au
St Arnaud
0.4Moz @ ~15g/t Au Fosterville
Bendigo 8.6Moz @ ~12g/t Au (incl.
22Moz @ ~15g/t Au 2.7Moz reserve @ 31g/t Au)
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Chalice is in good company in the district, with the entire North Bendigo province essentially consolidated by a handful of majors and juniors…

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We are in the early stages of exploration in the
district, but the long term prize is substantial
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Chalice has defined several large targets under thin cover and is mid way through its ~25,000m Phase 2 reconnaissance AC drill program

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NSW
VIC
Four Eagles
Northern
Bendigo
Zone
Karri
Tandarra
Fosterville
Melbourne
Beech
Ironbark Zone
Sebastian
Bendigo
Chalice Gold Target
Advanced Gold Prospect
Gold Deposit
Major Fault
Major Fault extension undercover
Interpreted mineralised fluid flows
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~ AC drilling at the Ironbark Target has defined a 500 x 500m gold footprint coincident with a diorite intrusion, open to SW and NE

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Pyramid Hill Gold Project
Muckleford
Area Ironbark Target N
AC Drilling over 1VD RTP Aeromagnetics
November 2019
OPEN
12m @ 0.22g/t Au f/ 76m
incl. 1m @ 1.1g/t Au DIORITE 4m @ 0.39g/t Au f/ 72m
5,962,500mN 16m @ 0.11g/t Au f/ 72m
4m @ 0.71g/t Au f/ 72m
16m @ 0.12g/t Au f/ 72m
60m @ 0.07g/t Au f/ 36m
OPEN 4m @ 0.34g/t Au f/ 40m &
24m @ 0.12g/t Au f/ 64m
8m @ 0.17g/t Au f/ 84m
AC drillhole max Au (g/t)
>0.25
0.1 – 0.25
0.05 – 0.01
0.025 – 0.05
<0.025
Phase 2 drill intercept in basement
5,961,000mN 500m Previous drill intercept in basement
APPROX. ANOMALOUS ARSENIC OUTLINE MGA Zone 54 Planned Phase 3 AC holes
764,000mE 766,000mE
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• ~4,400m of AC drilled into basement to date → more drilling required to adequately test

• Target under 35-75m of Murray Basin cover

• Contiguous zone of anomalous gold over ~500 x 500m diorite intrusion – open in all directions

Gold zone surrounded by ~3.2 x 2.2km anomalous arsenic zone → large-scale footprint

Additional 3000 – 5000m AC planned in Q4 2019 to test strike extent to SW and refine target for maiden diamond program

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The relationship between the diorite intrusion and mineralisation is still not fully understood, however early indications point to a sizeable target

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• Hole PA245 hit gold bearing quartz veining in the diorite, indicating the intrusion is mineralised

• Smaller mineralised diorite dykes were associated with historic Cohen’s Reef deposit in Walhalla ( ~1.5Moz at ~32g/t Au ) in Melbourne Zone

• Potential ENE trending low-angle fault could be responsible for Castlemaine Group sediments overlying diorite intrusion

• Concept to be tested with maiden diamond program in Q1 2020

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Karri a Anomalous gold and pathfinders intersected at in Phase 1 point to potentially significant footprint – the size of the prize is significant

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N
350m wide zone with
>25ppb Au + proximal
>8Moz Fosterville Te, Bi, Cu, Zn, Co, S Muckleford
Area
Gold Mine
Fosterville
~15km Karri
outline
mineralised trend
Pyramid Hill Project Tenure
Granitoid
16m @ 0.15g/t Mineralised trend
2m @ 0.11g/t Au Au f/ 62m
Phase 1 AC max Au (g/t)
f/ 74m to BOH Incl. 1m @
0.1 – 1.1
0.66g/t Au
0.05 – 0.1
0.025 – 0.05
<0.05
Phase 1 AC drill intercept
4m @ 0.23g/t Historic drill intercept
N 30m @ 220ppm Au f/ 129m
Phase 2 AC (assays pending)
As f/ 70m
2km
Pyramid Hill Gold Project
Scale Karri Target
2km AC Drilling over 1VD Gravity
August 2019
Comparison
Campbelltown Fault
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>8Moz Fosterville Gold Mine

• ~6,500m of AC completed in Phase 1

• Two drill lines ~7km apart at northern end of target returned similar shallow gold anomalism across a ~350m wide zone

• Zones also anomalous in pathfinder metals such as As, Te, Bi

• ~5,700m of AC completed in Phase 2 thus far

• Currently infill drilling to 0.5-1.0km spacing in Phase 2 to refine mineralised footprint at top of basement – all assays pending

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King Leopold field reconnaissance, Jun-2019
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King Leopold Nickel Project

Western Australia

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The King Leopold Nickel Project covers 1,800km[2] in the frontier and largely unexplored King Leopold Orogen of the west Kimberley

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600,000mE 700,000mE 800,000mE •
Frontier province highly prospective for
50km magmatic Ni-Cu-Co sulphide
N
•
Minimal modern exploration
•
2015 Merlin discovery by Buxton
WA Resources (ASX: BUX) highlighted
potential of Ruins Dolerite
•
Independence Group (ASX: IGO)
Ruins Area
entered the region in late 2018 with a
Merlin Ni-Cu-Co regional JV with Buxton
Prospect
(Buxton-IGO)
• Chalice now a significant player :
EL Applications over
Hart Dolerite outcrop
Derby • 600km [2] Ruins Area
Ruins acquired in June 2019
Dolerite •
Immediately SE of Merlin
Chalice Tenure
(proven host)
Buxton-IGO JV Tenure
Ruins Dolerite (mafic intrusive) • 1,200km [[2]]
Hart Dolerite (mafic intrusive) made in late 2018
King Leopold Hart
Kimberley Basin
Nickel Project EL Application over
Province map and King Leopold Orogen area of interpreted Dolerite • Conceptual host to
licence holders Canning Basin covered Hart Dolerite Fitzroy Crossing magmatic sulphides
8,200,000mN
8,100,000mN
8,000,000mN
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• Frontier province highly prospective for magmatic Ni-Cu-Co sulphide deposits

• Independence Group (ASX: IGO) entered the region in late 2018 with a regional JV with Buxton

• Immediately SE of Merlin (proven host)

• 1,200km[[2]] of EL applications made in late 2018

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Chalice’s immediate focus is the Ruins Area, where several nickel sulphide targets have already been defined

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Merlin
(IGO-Buxton)
Several high-
grade Ni-Cu-Co
drill intercepts
(up to 8% Ni)
King Sound Area
~8km Ruins Dolerite outcrop
Quick Shears
Several airborne EM
(IGO-Buxton)
anomalies identified
Ni-Cu sulphide
outcrop
Waterford Area
Ephesus Target
2 x ~5,000S discrete
shallow MLEM conductors
King Leopold Nickel occurrence Ruins Dolerite Devonian cover
Nickel Project EM Targets Hart Dolerite Paperbark Supersuite
Ruins Area Regional Chalice Tenure Whitewater Volcanics Speewah Group
Geology &
Occurrences IGO-Buxton JV Tenure Marboo Formation
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• Merlin (IGO-Buxton) hosts drill intercepts in Ruins Dolerite with grades up to 8.14% Ni, 5.26% Cu and 0.69% Co

• 11 airborne EM targets defined by Chalice to date along strike to SE and E of Merlin

• Ground based MLEM completed over 4 targets to date

• 7 airborne EM targets yet to be surveyed with ground EM

• 2 x ~5,000 Siemens conductors identified at Ephesus target

• Field activities to recommence mid2020 due to access constraints

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Thank You

Level 2, 1292 Hay Street, West Perth WA 6005, Australia +61 8 9322 3960

info@chalicegold.com

www.chalicegold.com linkedin.com/company/chalice-gold-mines twitter.com/chalicegold

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